AUD/USD dribbles around mid-0.6700s as recession fears return, US inflation eyed – by anilpanchal7 AUDUSD RiskAppetite Inflation Recession Fed
risk-barometer pair justifies the cautious mood ahead of the US Consumer Price Index for June while reversing the previous day’s corrective pullback from a two-year low.
“The US economic data, including the June jobs report, are not consistent with a recession in the first or second quarters,” the White House said in a memo released on Tuesday, as reported by Reuters. The news contributed to the market’s profit booking moves ahead of the key data/events. Alternatively, the latest economic projections from the International Monetary Fund appear to have renewed fears of a slowdown and renewed the risk-aversion wave. IMF cuts US 2022 GDP growth projection to 2.3% from 2.9% in late June, due to revised US data. “The Fund included the new forecasts in the full report of its annual assessment of the U.S.
With this backdrop, Wall Street benchmarks closed in the red, despite the intermediate recovery, while the US 10-year Treasury yields printed the second day of the downside at around 2.97%. Further, the S&P 500 Futures begin Wednesday’s moves under pressure.
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